American Tech company and e-commerce giant Amazon had announced that it would be laying off 10,000 of it’s workforce globally.
Amazon’s shares which is currently trading below a $100 per share has joined the other other companies in America to slow down hiring or layoff workers to cut costs.
Amazon has shifted how it does compensation for cooperate employees more towards cash and a little to equity, Amazon who after thier final quarter earnings report for the year had 1.5 Million cooperate employees. The company increased thier workforce between May and August of 2021 to 52%.
The pandemic period led to a lot of Tech hirings at that time because they wanted to keep up with the demands from consumers which at the same time got major Tech companies big revenue. Companies like Amazon felt they could keep the revenue flowing even after the pandemic but they misjudged the appetite of consumers.